MCRB on Nasdaq

Seres Therapeutics, Inc.

American pharmaceutical preparations company based in Cambridge.

Price unavailable

Last updated Oct 18, 2026.

Overview

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TickerMCRB on Nasdaq
IndustryPharmaceutical Preparations
HeadquartersCambridge, United States
Incorporated inDE²
Business address200 Sidney Street, Cambridge, Ma 02139²
Filer categoryNon-accelerated filer, Smaller reporting company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-11910.1%Operating margin³

721.9%Net margin³

12.9%Return on equity³

$865.0KFree cash flow³

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and development

Research and development90¢$49.1M
Profit10¢$5.7M

Out of $789.0K in revenue.³

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending23¢$252.0K
Kept or used elsewhere77¢$865.0K

Out of $1.1M of cash from operations.³

Financial statements

Revenue⁴⁵³$789.0K in 2025−97% since 2019

Operating income⁴⁵⁶⁷³-$94.0M in 2025+31% since 2019

Net income⁴⁵⁶⁷³$5.7M in 2025

Every line of the income statement in the latest annual report, as filed.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Grant revenue	$789.0K	$0	$0
Total revenue	$789.0K	$0	$0
Research and development expenses	$49.1M	$64.6M	$117.6M
General and administrative expenses	$39.2M	$53.2M	$77.5M
Manufacturing services	$6.5M	$3.5M	$0
Total operating expenses	$94.8M	$121.3M	$195.1M
Loss from operations	-$94.0M	-$121.3M	-$195.1M
Gain on sale of VOWST Business	$80.7M	$5.7M	$0
Interest income	$2.2M	$4.0M	$7.3M
Interest expense	$0	$0	-$2.5M
Other income (expense), net	$16.8M	-$14.1M	$134.0K
Total other income (expense), net	$99.7M	-$4.5M	$5.0M
Net income (loss) from continuing operations	$5.7M	-$125.8M	-$190.1M
Net income from discontinued operations, net of tax	$0	$125.9M	$76.4M
Net income (loss)	$5.7M	$136.0K	-$113.7M
Net income (loss) from continuing operations per share attributable to common stockholders - basic	$1	-$16	-$30
Net income from discontinued operations per share attributable to common stockholders - basic	$0	$16	$12
Net income (loss) per share attributable to common stockholders - basic	$0.64	$0.00	-$17.77
Net income (loss) from continuing operations per share attributable to common stockholders - diluted	$1	-$16	-$30
Net income from discontinued operations per share attributable to common stockholders - diluted	$0	$16	$12
Net income (loss) per share attributable to common stockholders - diluted	$0.64	$0.00	-$17.77
Weighted average common shares outstanding - basic	8.9M shares	7.8M shares	6.4M shares
Weighted average common shares outstanding - diluted	8.9M shares	7.8M shares	6.4M shares
Unrealized gain on investments, net of tax of $0	$0	$0	$10.0K
Currency translation adjustment	$0	$0	$2.0K
Total other comprehensive income	$0	$0	$12.0K
Comprehensive income (loss)	$5.7M	$136.0K	-$113.7M
Unrealized (loss) gain on investments, net of tax	$0	$0	$0

Total assets¹¹⁴⁵⁶⁷³$138.2M in 2025+4% since 2019

Total liabilities¹¹⁴⁵⁶⁷³$94.0M in 2025−48% since 2019

Shareholders’ equity⁵⁶⁷³$44.2M in 2025

Cash¹¹⁴⁵⁶⁷³$45.8M in 2025−30% since 2019

Long-term debt¹²¹¹⁴⁵⁶$110.0M in 2023+340% since 2019

Every line of the balance sheet in the latest annual report, as filed.³

Period ending	2025-12-31	2024-12-31	2024-02-29
Cash and cash equivalents	$45.8M	$30.8M
Accounts receivable due from SPN - related party	$360.0K	$2.1M
Accounts receivable	$157.0K	$0
Prepaid expenses and other current assets	$3.1M	$5.8M
Total current assets	$49.4M	$38.7M
Property and equipment, net	$7.6M	$11.5M
Operating lease assets	$72.5M	$80.9M
Restricted cash	$8.7M	$8.7M
Other non-current assets	$31.0K	$31.0K
Total assets	$138.2M	$139.8M
Accounts payable	$1.7M	$4.1M
Accrued expenses and other current liabilities	$4.0M	$10.7M
Accrued liabilities due to SPN - related party	$3.3M	$17.8M
Operating lease liabilities	$10.4M	$8.7M
Total current liabilities	$19.3M	$41.2M
Operating lease liabilities, net of current portion	$72.6M	$83.0M
Other long-term liabilities	$2.1M	$1.8M
Total liabilities	$94.0M	$126.0M
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	$0	$0
Common stock, $0.001 par value; 360,000,000 shares authorized at December 31, 2025 and 2024, respectively; 9,556,446 and 8,650,227 shares issued and outstanding at December 31, 2025 and 2024, respectively	$10.0K	$9.0K
Additional paid-in capital	$1.0B	$991.9M
Accumulated deficit	-$972.4M	-$978.1M
Total stockholders' equity	$44.2M	$13.8M
Total liabilities and stockholders' equity	$138.2M	$139.8M
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10.0M shares	10.0M shares
Preferred stock, shares issued	0 shares	0 shares
Preferred stock, shares outstanding	0 shares	0 shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	360.0M shares	360.0M shares	360.0M shares
Common stock, shares issued	9.6M shares	8.7M shares
Common stock, shares outstanding	9.6M shares	8.7M shares

Cash from operations⁴⁵⁶⁷³$1.1M in 2025

Capital spending⁴⁵⁶⁷³$252.0K in 2025−75% since 2019

Free cash flow⁴⁵⁶⁷³$865.0K in 2025

Every line of the cash flow in the latest annual report, as filed.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Net Income (Loss)	$5.7M	$136.0K	-$113.7M
Stock-based compensation expense	$10.8M	$21.0M	$34.1M
Depreciation and amortization expense	$4.1M	$5.5M	$6.2M
Non-cash operating lease cost	$8.4M	$9.2M	$8.9M
Net (accretion) amortization of (discounts) premiums on investments	$0	$0	-$236.0K
Gain on sale of VOWST Business, net of transaction costs	$0	-$146.7M	$0
Amortization of debt issuance costs	$0	$1.4M	$1.1M
Loss associated with extinguishment of debt	$0	$23.4M	$1.6M
(Gain)/loss on disposal of fixed assets	-$192.0K	$317.0K	$0
Impairment of long-lived assets	$0	$3.3M	$0
Change in fair value of warrant liabilities	$0	-$546.0K	-$1.6M
Collaboration (profit) loss sharing - related party (1)	$0	$0	$5.2M
Accounts receivable due from SPN - related party	$1.7M	-$2.1M	$0
Prepaid expenses and other current and non-current assets	$2.7M	$987.0K	-$29.1M
Accounts receivable	-$157.0K	$0	$0
Collaboration receivable - related party	$0	$8.7M	-$8.7M
Inventories	$0	-$33.8M	-$29.6M
Deferred income - related party	$0	-$4.1M	$7.7M
Deferred revenue - related party	$0	$0	-$1.3M
Accounts payable	-$2.4M	-$2.9M	-$11.6M
Accrued liabilities due to SPN - related party	-$14.5M	-$15.7M	$0
Operating lease liabilities	-$8.7M	-$6.3M	-$2.2M
Accrued expenses and other current and long-term liabilities	-$6.5M	-$10.2M	$15.8M
Net cash provided by (used in) operating activities	$1.1M	-$148.6M	-$117.4M
Purchases of property and equipment	-$252.0K	-$380.0K	-$8.0M
Proceeds from sales of property and equipment	$210.0K	$0	$0
Purchases of investments	$0	$0	-$4.4M
Sales and maturities of investments	$0	$0	$23.0M
Sales of restricted investments	$0	$1.4M	$0
Proceeds from sale of VOWST Business	$0	$141.3M	$0
Net cash (used in) provided by investing activities	-$42.0K	$142.3M	$10.6M
Proceeds from at the market equity offering, net of issuance costs	$13.2M	$23.5M	$18.2M
Proceeds from exercise of stock options	$501.0K	$0	$877.0K
Proceeds from Securities Purchase Agreement - related party	$0	$13.5M	$0
Issuance of common stock under ESPP	$230.0K	$487.0K	$2.2M
Proceeds from issuance of debt, net of issuance costs	$0	$0	$103.4M
Repayment of notes payable	$0	-$127.9M	-$52.9M
Net cash provided by (used in) financing activities	$13.9M	-$90.4M	$71.7M
Net increase (decrease) in cash, cash equivalents and restricted cash	$15.0M	-$96.7M	-$35.1M
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$0	-$1.0K	$2.0K
Cash paid for interest	$0	$10.9M	$12.5M
Property and equipment purchases included in accounts payable and accrued expenses	$0	$0	$16.0K
Lease liability arising from obtaining right-of-use assets	$0	$0	$3.0M
Prepaid rent reclassified to right-of-use assets	$0	$0	$4.6M
Recognition of warrant liabilities	$0	$0	$2.1M
Warrants issued related to prior credit facility with Oaktree and recorded as debt discount	$0	$0	$2.8M

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Leadership

Who has led Seres Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

20202025

Chief executive officerEric D. Shaff Jan 28, 2020 to now¹³
Chief executive officerRoger Pomerantz Jun 25, 2015 to Sep 11, 2018¹⁴
PresidentEric D. Shaff Jan 28, 2020 to now¹³
PresidentRoger Pomerantz Jun 25, 2015 to Sep 11, 2018¹⁴
Chief financial officerDavid Arkowitz Jun 1, 2021 to Feb 16, 2024¹⁵
Chief financial officerEric D. Shaff Jun 25, 2015 to Jan 31, 2020¹⁶

Board members and other officers (35)

OfficerRichard N. Kender Mar 6, 2026 to now¹⁷
OfficerKelly Brady Mar 11, 2026 to now¹⁸
OfficerMarella Thorell Mar 27, 2024 to now¹⁹
OfficerDavid Arkowitz Feb 8, 2022 to Feb 8, 2022²⁰
OfficerPaula Cloghessy Feb 8, 2022 to Oct 31, 2023²¹
OfficerMoltke Lisa Von Apr 7, 2020 to now²²
OfficerTeresa L. Young Jul 1, 2020 to now²³
OfficerDavid S. Ege Oct 21, 2020 to Aug 19, 2024²⁴
Chief Scientific OfficerMatthew R. Henn Feb 11, 2019 to now²⁵
OfficerMarcus Chapman Apr 24, 2019 to Feb 8, 2021²⁶
OfficerEric D. Shaff Jan 30, 2018 to Jan 29, 2019²⁷
Chief Medical Officer and EVPKevin Horgan Oct 24, 2018 to Jan 29, 2019²⁸
EVP & Chief Commercial OfficerWael Hashad Jan 6, 2016 to Jan 27, 2017²⁹
OfficerThomas Desrosier May 17, 2016 to now³⁰
CSO and EVP of R&DDavid N. Cook Jun 25, 2015 to Jan 29, 2019³¹
CTO and EVP of Bioprocess Dev.John G. Aunins Jun 25, 2015 to Jan 31, 2020³²
Chief Medical Officer and EVPMichele Trucksis Jun 25, 2015 to Jan 30, 2018³³
Board memberHans-Juergen Woerle Feb 6, 2025 to Feb 6, 2025³⁴
Board memberRobert L. Rosiello Aug 6, 2025 to now³⁵
Board memberClaire Fraser Jan 5, 2023 to now³⁶
Board memberEric D. Shaff Feb 8, 2021 to now³⁷
Board memberPaul Biondi Mar 23, 2020 to now³⁸
Board memberStephen Berenson Aug 6, 2019 to now³⁹
Board memberMeryl Zausner Sep 4, 2018 to Jul 6, 2022⁴⁰
Board memberWillard H. Dere Jul 10, 2017 to now⁴¹
Board memberDennis A. Ausiello Jun 25, 2015 to now⁴²
Board memberGregory Behar Jun 25, 2015 to Jun 23, 2023⁴³
Board memberLorence Kim Jun 25, 2015 to Jun 14, 2019⁴⁴
Board memberNoubar Afeyan Jun 25, 2015 to Jun 20, 2019⁴⁵
Board memberPeter Barton Hutt Jun 25, 2015 to Jun 17, 2016⁴⁶
Board memberRichard N. Kender Jun 25, 2015 to now⁴⁷
Board memberRoger Pomerantz Jun 25, 2015 to Jun 14, 2019¹⁴
Board memberWerner Cautreels Jun 25, 2015 to Jun 29, 2015⁴⁸
Board memberKurt Graves Nov 10, 2015 to now⁴⁹
General counselThomas Desrosier Jan 27, 2017 to now⁵⁰

Former names

Seres Health, Inc.Jun 9, 2014 to May 14, 2015²

Timeline

Jan 28, 2020New chief executive Eric D. Shaff becomes CEO¹³
Jun 25, 2015New chief executive Roger Pomerantz becomes CEO¹⁴
Oct 18, 2010Founded Seres Therapeutics, Inc. is founded⁵¹

Recent filings

Aug 21, 2026EFFECT
Aug 18, 20264
Aug 18, 20264
Aug 18, 20264
Aug 18, 20264
Aug 13, 2026S-3
Aug 5, 20268-K
Aug 5, 202610-Q
Aug 4, 2026424B5
Aug 4, 20268-K
Jul 10, 20264
Jul 10, 20264
Jul 10, 20264
Jul 10, 20264
Jul 10, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.¹

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARSeres Therapeutics, Inc. filings on SEC EDGAR
2
SEC EDGARSeres Therapeutics, Inc. filings on SEC EDGAR
3
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2025
4
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2019
5
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2020
6
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2021
7
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2022
8
SEC EDGARSeres Therapeutics, Inc. 10-Q for fiscal 2025
9
SEC EDGARSeres Therapeutics, Inc. 10-Q for fiscal 2026
10
SEC EDGARSeres Therapeutics, Inc. 10-Q for fiscal 2026
11
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2019
12
SEC EDGARSeres Therapeutics, Inc. 10-K for fiscal 2019
13
SEC EDGAREric D. Shaff, Chief executive officer
14
SEC EDGARRoger Pomerantz, Chief executive officer
15
SEC EDGARDavid Arkowitz, Chief financial officer
16
SEC EDGAREric D. Shaff, Chief financial officer
17
SEC EDGARRichard N. Kender, Officer
18
SEC EDGARKelly Brady, Officer
19
SEC EDGARMarella Thorell, Officer
20
SEC EDGARDavid Arkowitz, Officer
21
SEC EDGARPaula Cloghessy, Officer
22
SEC EDGARMoltke Lisa Von, Officer
23
SEC EDGARTeresa L. Young, Officer
24
SEC EDGARDavid S. Ege, Officer
25
SEC EDGARMatthew R. Henn, Chief Scientific Officer
26
SEC EDGARMarcus Chapman, Officer
27
SEC EDGAREric D. Shaff, Officer
28
SEC EDGARKevin Horgan, Chief Medical Officer and EVP
29
SEC EDGARWael Hashad, EVP & Chief Commercial Officer
30
SEC EDGARThomas Desrosier, Officer
31
SEC EDGARDavid N. Cook, CSO and EVP of R&D
32
SEC EDGARJohn G. Aunins, CTO and EVP of Bioprocess Dev.
33
SEC EDGARMichele Trucksis, Chief Medical Officer and EVP
34
SEC EDGARHans-Juergen Woerle, Board member
35
SEC EDGARRobert L. Rosiello, Board member
36
SEC EDGARClaire Fraser, Board member
37
SEC EDGAREric D. Shaff, Board member
38
SEC EDGARPaul Biondi, Board member
39
SEC EDGARStephen Berenson, Board member
40
SEC EDGARMeryl Zausner, Board member
41
SEC EDGARWillard H. Dere, Board member
42
SEC EDGARDennis A. Ausiello, Board member
43
SEC EDGARGregory Behar, Board member
44
SEC EDGARLorence Kim, Board member
45
SEC EDGARNoubar Afeyan, Board member
46
SEC EDGARPeter Barton Hutt, Board member
47
SEC EDGARRichard N. Kender, Board member
48
SEC EDGARWerner Cautreels, Board member
49
SEC EDGARKurt Graves, Board member
50
SEC EDGARThomas Desrosier, General counsel
51
gleifSeres Therapeutics, Inc. is founded